Marketing Collateral Review
5 Marketing Ideas to Drive Your Business in a Tough Economy
When facing adversity, our business instincts are surprisingly similar to those of the natural world. So, as we prepare to face down a fresh set of challenges in 2016, business owners must choose between 3 instinctive options:
- Hold steady and wait for things to improve (Freeze ),
- Cut costs wherever possible including, if necessary, shutting down (Flight ),
- Commit to identifying and shifting toward emergent opportunities (Fight )
In our complex world the correct approach is likely a combination of all three. While there’s no ‘foolproof plan’ that quarantees prosperity for any business (or if there is we haven’t seen it), it is certainly our conviction that creativity is an important catalyst.
Here are 5 ideas that may help you power through the laws of natural selection:
- Survey existing customers – A sincere effort at gaining customer insight can simultaneously strengthen relationships and identify or validate new initiatives.
- Cross promote – Cooperating with complementary businesses can produce highly effective marketing at a shared cost with higher marginal revenues for all parties.
- Reduce Prices (no we’re not insane) – If lowering taxes stimulates the economy, perhaps lowering prices on selected products or services will grow your sales.
- Hire Someone ‘Unlikely’ – Seniors, veterans and recent immigrants (not to mention ‘transitioning’ energy workers) can deliver fresh energy and ideas at extreme value.
- Refresh Your Marketing –
Most business owners have a natural bias for action and a higher tolerance for risk so any idea that’ll help pivot toward prosperity and long term survival is worth considering.